27 terms

Laake Accounting Chapter 11 Test

STUDY
PLAY

Terms in this set (...)

accounts payable ledger
a subsidiary ledger containing only account for vendors from whom items are purchased or bought on account
accounts receivable ledger
a subsidiary ledger containing only accounts for charge customers
controlling account
an account in a general ledger that summarizes all accounts in a subsidiary ledger
schedule of accounts payable
A listing of vendor accounts, account balances, and total amounts due to all vendors
schedule of accounts receivable
a listing of customer accounts, account balances, and total amount due from all customers
subsidiary ledger
a ledger that is summarized in a single general ledger account
true
True/False: When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account
true
True/False: Accounts are arranged in alphabetical order within the subsidiary ledgers
true
True/False: A change in the balance of a vendor account also changes the balance of the controlling account Accounts Payable
true
True/False: The total amount owed to all vendors is summarized in a single general ledger account, Accounts Payable
false
True/False: the number of entries that may be recorded on each ledger account form is limited to fifteen
true
True/False:the amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger
true
True/False: posting frequently keeps each vendor account balance up to date
true
True/False: entries in a general journal may affect account balances in an accounts payable ledger
true
True/False: a controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger
false (after)
True/False: a schedule of accounts payable is prepared before all entries in a journal are posted
false
True/False: a change in the balance of a customer account does not affect the balance of the controlling account Accounts Receivable
true
True/False: the form used in the accounts receivable ledger has a debit balance column
false
True/False: each amount in a sales journals accounts receivable debit column is posted as a credit to the customer account in the accounts receivable ledger
true
True/False: each entry in the accounts receivable credit column of the cash receipts journal is posted to the proper customer account in the accounts receivable ledger
true
True/False: the accounts receivable ledger is proved when the balance of accounts receivable in the general ledger is the same as the total of the schedule of accounts receivable
false
True/False: each amount in the general columns of a cash payments journal is posted as a total at the end of the month
true
True/False: the monthly total of each special amount column in a cash payments journal is posted to a general ledger account
true
True/False: transactions recorded in a general journal can affect both subsidiary ledger and general ledger accounts
true
True/False: a diagonal line in the post reference column allows the posting reference of two account numbers
false
True/False: the steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledgers
false
True/False: errors made in recording amounts in subsidiary ledgers always affect the general ledger controlling account